“Banks will get the biggest benefit from an Obama administration housing program designed to help unemployed homeowners escape foreclosure.

Housing experts expressed concern that banks, not homeowners, will be helped by the White House’s $3 billion funding infusion — $2 billion from the Treasury Department and another $1 billion from the Housing and Urban Development Department — going to those states hit hardest by the housing market crash and unemployment.”

This is no surprise, as we have mentioned repeatedly (here[2], here[3], here[4] and here[5]), the so-called mods and abatement programs are thinly disguised back door bailouts for banks.

[1] Banks to benefit most from White House program to help fight foreclosures.: http://www.ritholtz.com/blog://thehill.com/blogs/on-the-money/banking-financial-institutions/114349-banks-to-benefit-most-from-white-house-program-to-stave-off-foreclo